 "Derivatives strategy on UPL by HDFC Securities")
Derivatives strategy on UPL by Nandish Shah, Technical & Derivatives Analyst at HDFC Securities:
Buy UPL August Future at Rs 651
Stop loss of Rs 638
Target Rs 675
Rationale: Accumulation of Long positions is seen in the UPL Futures’ during the August series till now, where we have seen 8% rise in Open Interest with the price rising by 2%
The stock price is trading above its all-important short-term moving averages (5 and 20 DMA) Indicating a bullish trend for the short term
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The stock price is making bullish higher top higher bottom formation on the weekly line chart
Oscillators are also Indicating strength in the stock for the short to medium term
Disclaimer: The analyst may have position in the stock mentioned above.
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